The devastating effects or living too long (the longevity crisis) and not having enough funds to maintain an anticipated quality of retirement is a real concern. LIMRA reports: The average life expectancy for a person who reaches the age of 65 is 83 for males, 86 for females. LIMRA purports that the proper way to interpret these statistics is to assume half of all males who reach age 65 will live past 83 and half of the females who reach that age will live past 86. Half of all couples who reach age 65 will have one partner hit 90.
Baby boomers are afraid of more than not being able to retire comfortably. They’re also afraid they won’t be able to afford necessary health care or even making ends meet. And as if that’s not enough, they’re also worried that their kids (or grandkids) will be moving back home.